2025.11.24 本文字数：1690，阅读时长大约4分钟 作者 |第一财经 郑栩彤 作为年内发行价最高的新股，"百元股"摩尔线程今日开始申购，投资者中一签需要缴纳57140元。 若按114.28元/股的发行价测算，摩尔线程上市时的总市值达到537.15亿元。不过，摩尔线程此前在公告 中也提醒，本次发行价对应的公司2024年摊薄后静态市销率为122.51倍，高于同行业可比公司2024年静 态市销率平均水平，存在未来发行人股价下跌给投资者带来损失的风险。 摩尔线程列出的主营业务及经营模式相近的可比上市公司，包括海外公司英伟达、AMD、高通，以及 国内的海光信息、寒武纪、景嘉微。其中，截至11月19日，英伟达、AMD、高通的市销率分别为34.73 倍、14.11倍、4.57倍。 | 证券代码 | 证券简称 | T-3 日股票收 | 市值 | 2024 年营业收 | 对应市销率 | | --- | --- | --- | --- | --- | --- | | | | 盘价(元/股) | (亿元) | 入(亿元) | (倍) | | 688041.SH | 海光信息 | 213.03 | 4,951.54 | 9 ...

AI芯片基本形成由英伟达和AMD组成的"一超一强"寡头垄断格局，市场竞争激烈。 作为年内发行价最高的新股，"百元股"摩尔线程今日开始申购，投资者中一签需要缴纳57140元。 若按114.28元/股的发行价测算，摩尔线程上市时的总市值达到537.15亿元。不过，摩尔线程此前在公告中也提醒，本次发行价对应的公司2024年摊薄后静态 市销率为122.51倍，高于同行业可比公司2024年静态市销率平均水平，存在未来发行人股价下跌给投资者带来损失的风险。 摩尔线程列出的主营业务及经营模式相近的可比上市公司，包括海外公司英伟达、AMD、高通，以及国内的海光信息、寒武纪、景嘉微。其中，截至11月 19日，英伟达、AMD、高通的市销率分别为34.73倍、14.11倍、4.57倍。 | 证券代码 | 证券简称 | T-3 日股票收 | 市值 | 2024 年营业收 | 对应市销率 | | --- | --- | --- | --- | --- | --- | | | | 盘价(元/股) | (亿元) | 入(亿元) | (倍) | | 688041.SH | 海光信息 | 213.03 | 4,951.54 | 91.62 | ...

关键词：车载电脑行业发展历程、车载电脑行业产业链、CPU行业市场规模、汽车产销量、车载电脑 行业市场规模、车载电脑行业发展趋势 内容概况：在汽车智能化、电动化、网联化浪潮的推动下，传统车载电子系统正朝着高集成度、强算力 与广域通信的方向演进，车载电脑作为新一代车载系统的"神经中枢"，逐步取代了过去分散的电子控制 单元与信息娱乐系统，成为智能交通与车载控制的核心设备。近年来，随着居民收入水平持续提升与消 费观念升级，消费者对汽车智能化与舒适性提出更高要求，车载电脑作为增强驾驶体验的关键配置，日 益成为购车决策中的重要考量，尤其在年轻消费群体中呈现快速普及态势；同时，人工智能、5G通信 与高性能芯片等技术的不断突破，为车载电脑实现功能融合与性能跃升提供了坚实支撑。在需求拉动与 技术推动的双重作用下，中国车载电脑行业实现稳步成长，市场规模从2018年的92.48亿元增长至2024 年的143.68亿元，年复合增长率为7.62%。未来，随着智能汽车渗透率持续提升、软件定义汽车理念深 化落地，以及车载AI应用场景不断拓展，车载电脑行业将在硬件算力、系统集成与生态服务等方面实 现全面升级，迎来更广阔的发展空间。 相关上市 ...

Core Viewpoint - The technology sector, particularly driven by Nvidia's strong earnings report, is experiencing a bullish sentiment in the market, with expectations for continued momentum and potential follow-through in stock performance [2][4][11]. Nvidia Performance - Nvidia reported revenue of $57 billion, exceeding expectations of $54.68 billion, marking a 62% year-over-year increase [6]. - Adjusted earnings per share were $1.30, surpassing the anticipated $1.24 [6]. - Data center revenue rose by 66% year-over-year, reaching $51.2 billion, now constituting 90% of Nvidia's total revenue [6][7]. - Nvidia's fiscal year 2026 revenue outlook is projected at around $65 billion, with gross margins expected at 74.8% [8][9]. - The company is reportedly sold out of GPUs for cloud services through 2026, indicating strong demand [7]. Market Reactions - The bullish sentiment in the market is also benefiting other tech companies, such as AMD, which may see increased demand as Nvidia's supply constraints push customers towards alternatives [12][14]. - Alphabet (Google) has also shown resilience amid market fluctuations, bolstered by recent announcements including the launch of Gemini 3 and a $2 billion cloud data center investment in Turkey [16][17]. Economic Indicators - The upcoming jobs report is anticipated to have limited impact on market dynamics, with expectations set at 53,000 for non-farm payrolls [21]. - Market liquidity remains low, which could lead to increased volatility in stock prices [23][25]. Technical Analysis - The E-Mini S&P 500 futures are facing a key resistance level at the 50-day moving average, with a current upward movement of approximately 1.3% [3][4]. - The first support level is identified at yesterday's close, indicating a cautious approach as the market attempts to regain momentum [5].

Core Viewpoint - Advanced Micro Devices (AMD) is experiencing renewed upward momentum in pre-market trading, driven by a reassessment of the semiconductor sector following Nvidia's earnings report, despite a recent sharp decline in its stock price [1][2]. Stock Performance - AMD closed at $223.55 per share, reflecting an 11.27% drop over the past five trading days, but rebounded to $232.80 in pre-market trading, gaining 4.14% [2]. - The median consensus price target for AMD stands at approximately $258, indicating a potential double-digit upside from current pre-market levels [8]. Market Sentiment - The shift in sentiment towards AMD was influenced by Nvidia's better-than-expected third-quarter results, which alleviated concerns regarding a slowdown in AI-related spending [4][5]. - Investor confidence is primarily driven by reassurances that AI spending remains on track, rather than significant changes in AMD's fundamentals [9]. Analyst Insights - Analysts from Morgan Stanley and Jefferies have described AMD as undervalued relative to its AI peers, with price targets of $260 and $270 respectively [7]. - Institutional analysts suggest that AMD is gaining market share as data center operators seek hardware diversification, particularly for energy-intensive AI workloads [6]. Industry Outlook - Nvidia's strong data center guidance for Q4 signals robust AI investment, which is seen as a positive indicator for AMD and other companies in the sector [5]. - As long as data center operators prioritize GPU and CPU hardware upgrades into 2026, AMD is likely to remain a key strategic beneficiary [10].

Core Viewpoint - The report from Changcheng Securities indicates that the demand for AI computing power is continuously strong, leading to a significant increase in prices for Flash Wafer and related high-end PCB products, benefiting the entire industry chain [1][2][3]. Group 1: Capital Expenditure Adjustments - Major North American CSPs such as Google, Microsoft, Amazon, and Meta have raised their capital expenditure forecasts for 2025, reflecting an unexpected surge in AI computing power demand [2][3]. - Google has increased its 2025 capital expenditure forecast from $85 billion to $91-93 billion, with a backlog of cloud orders amounting to $155 billion, up 82% year-on-year [3][4]. - Microsoft anticipates a growth rate in capital expenditure for FY26 that will exceed that of FY25, with a remaining performance obligation (RPO) nearing $400 billion, reflecting over 50% growth [4]. - Amazon's AWS backlog has reached $200 billion, with a capital expenditure forecast of $125 billion for 2025, expected to rise further in 2026 [4]. - Meta has also adjusted its 2025 capital expenditure forecast to between $70 billion and $72 billion, anticipating significant growth in computing power demand [4]. Group 2: NAND Flash Price Surge - NAND Flash prices have surged significantly, driven by major manufacturers reducing supply to counteract previous oversupply issues and enhance profitability [5][6]. - Companies like Samsung and Kioxia have lowered their NAND wafer production targets for the year, with Samsung reducing its target from 5.07 million wafers to approximately 4.72 million, a decrease of about 7% [5]. - The demand for NAND is expected to exceed supply significantly, with forecasts indicating that the data center market's bit demand will grow by over 40% year-on-year in 2026 due to increased AI inference capabilities [6].

Summary of AMD Conference Call Company Overview - **Company**: AMD (Advanced Micro Devices) - **Industry**: Semiconductor and Data Center Solutions Key Points and Arguments Market Share and Growth Projections - AMD expects its data center business market share to reach double digits in the next 3 to 5 years, with an AI business CAGR of 80% and a data center business CAGR of 60% [2][3] - Overall revenue is projected to grow at a CAGR of 35%, exceeding Wall Street's expectations of 20% to 30% [3] - By 2030, AMD anticipates its addressable market for data centers to reach $1 trillion, up from a previous estimate of $500 billion [2][5] Revenue Expectations - AMD forecasts data center revenue to reach $100 billion by 2030, with the business currently accounting for about half of total revenue [2][6] - Expected revenue for 2025 is approximately $16 billion, indicating significant growth potential [2][6] Product Development and Innovations - AMD plans to launch cabinet-level products in 2026, similar to NVIDIA's NVL72, utilizing Infiniband Fabric to connect GPUs and CPUs [2][7][9] - The MI400 and MI500 series GPUs are set to be released in 2026 and 2027, respectively, showcasing AMD's commitment to advancing GPU architecture [2][5] AI and Data Center Collaborations - AMD has signed a 6 GW collaboration agreement with OpenAI, with deployment expected to begin in the second half of the year [2][10] - Oracle has started deploying systems based on AMD cards, with new customers anticipated to choose AMD products in 2026 [2][10] Financial Guidance - AMD's long-term financial guidance includes a total revenue growth target of 35%, with gross margins projected between 50% and 58% and operating margins expected to improve to 35% [4][22] - EPS is anticipated to exceed $20, compared to the current consensus of $16 to $18, indicating potential for significant upside [22] Data Center CPU Market Outlook - The global data center CPU market is projected to reach $60 billion by 2030, nearly doubling from $26 billion in 2025, with a CAGR of 18% [4][13] Emerging Markets - The AI PC market is expected to surpass 1 billion devices in the coming years, while the physical AI market could reach $200 billion by 2035 [17] - Client business is projected to maintain low single-digit growth over the next 3 to 5 years, highlighting the potential of emerging sectors [17] Challenges and Considerations - The successful delivery of new cabinet and product launches in 2026 is critical, as supply chain challenges may impact market performance [21] - AMD's reliance on third-party suppliers for switch devices may affect the deployment timeline of new technologies [9] Overall Outlook - AMD's optimistic outlook includes a $1 trillion market for computing cards, GPUs, CPUs, and network cards, with significant revenue elasticity expected if the supply chain operates smoothly [23][24]

Artificial Intelligence (AI) has dominated the news so much that we almost forget how the gaming industry influenced major chipmakers like Nvidia (NVDA) and Advanced Micro Devices (AMD). The GPUs that are propelling the AI industry to new heights were first developed to render graphics for video games and 3D applications! While the focus has recently changed for the chipmakers, the gaming industry still depends on them. At one point in 2023, the gaming segment brought in over a quarter of AMD’s revenue. B ...

据闪德资讯获悉，品牌厂近期的焦点，明年DRAM、NAND要怎么采购。 原因很简单，从终端成本结构的角度看下去，明年存储几乎可以确定涨价的走势，连CPU也传出要涨 价，终端电子产品涨价。 基本上已经不是"会不会"的问题，而是"涨多少、谁吸收"的问题。 中芯国际都被风暴扫到。 赵海军直接点出，客户对明年第1季完全不敢下太多订单，因为没有人知道，到时候手上的手机、汽 车、各种终端设备，到底能不能拿到足够的存储产品。 使用大量存储产品的汽车与手机制造商，明年将同时面对价格压力与供应不确定性，现在没有人敢给明 确的供应承诺。 闪德资讯，一个聚焦关注存储产业供应链和趋势变化的垂直媒体。 ...

Group 1 - SMIC reported Q3 revenue of $2.382 billion, a 7.8% increase quarter-over-quarter and a 9.7% increase year-over-year, with a net profit of $315 million, reflecting a significant 115.1% quarter-over-quarter growth and a 41.3% year-over-year growth, driven by increased wafer sales and optimized product mix [1] - For Q4, despite being a traditional off-season, SMIC expects revenue to remain flat to grow by 2% quarter-over-quarter, with a gross margin guidance of 18% to 20% [1] - TSMC is actively expanding its AI capacity, planning to raise prices for advanced processes starting January 2026, with an average price increase of 3%-5% over four years, reflecting rising production costs and capital expenditures [1] Group 2 - The semiconductor industry is experiencing robust demand, particularly in AI, with companies like NVIDIA and AMD actively securing capacity for 2026 [1] - The demand for AI-related products is expected to drive significant growth in the ASIC market, with companies like Google, Amazon, Meta, OpenAI, and Microsoft anticipated to see explosive growth in ASIC quantities from 2026 to 2027 [1] - The PCB industry is also benefiting from strong AI demand, with many AI-PCB companies reporting robust orders and full production capacity, indicating high growth potential for Q4 and next year [1][2]